Turning debt into growth potential
As part of the restructuring deal, investors will convert about USD 550 million of term loan claims to 96.5 per cent of new common equity. Superior's funded debt will be reduced from approximately USD 982 million to only USD 125 million, a reduction of almost 90 per cent. The purpose of this extreme balance sheet reset is to create room for operational attention and market rejuvenation.
Current common shareholders will receive approximately USD 3.1 million in cash, while preferred stockholders will receive USD 6.2 million in cash plus a 3.5 per cent interest in the new entity. After the transactions, the company will be taken private, with the transaction closing expected in the third quarter of 2025.
